One reason many people give for attending a prestigious or ranked college or university is the need to be among intellectual peers. Parents and students worry that students won’t be challenged enough at less-well known or lower ranked schools. This is often accompanied by the networking argument–it’s the class peers along with faculty that will be crucial in developing future opportunities.
Of the 464 colleges and universities on the 50-50 list, 179 of them are public institutions. Furthermore, 50-50 schools are not distributed equally among all of the states. That means that if you want to start your search with the largest number of schools possible, you don’t want to immediately eliminate out-of-state public institutions.
One factor that will determine how much you pay for college is location. I’ve talked before about how students who insist only on schools in the northeast or on the coasts will pay for the privilege. Geography can actually be a hook depending on the location of the college and the student. Here, I’m going to cover how location can affect how much you pay to attend a public university.
Anyone who reads my blog for a while will realize that I have a thing about college graduation rates. One of the “50’s” in my 50-50 schools is graduation rates. And I can’t say it’s just something I started paying attention to as my son got closer to college. My master’s report was on high school graduation rates. Yeah, I was playing with graduation rates before most people ever heard of them. So no one should be surprised that I want to be clear about the difference between graduation rates and freshman retention rates and why it matters.
Most people understand that private colleges have a much higher price tag than public universities which is why many never consider private schools. This is a shame since there are some private colleges that offer great opportunities along with generous financial aid. What a lot of people don’t realize is that out-of-state public institutions generally have the worst characteristics of both public and private colleges. They have the high price of private colleges with the limited financial aid of public universities.
Long time readers of my blog know that I think that the start of any college search should begin with estimating your Expected Family Contribution (EFC). This simply sets the baseline for how much you should expect to pay. The next step should be looking up your state flagship university. Why? Because while your EFC sets your financial expectations, your state flagship serves as the ideal reference point for adding and comparing the schools you add to your final college list.
It’s the new year and I’m in a sort of philosophical mood. I just finished reviewing the most popular posts on my Facebook page and it got me thinking–what if it didn’t matter what college you went to? Because it seems to me that the posts that get the most traction have to do with making sure your kid is successful but it doesn’t necessarily mean going to the most prestigious college. So try it as a thought experiment, how would your student’s (and your family’s) life be different if it didn’t matter which college your student went to?
If you’re planning to create a college list, take a look at some existing lists before starting. It’s possible that you’ll find a couple that can save you a lot of time. If nothing else, a quick perusal might generate some new ideas or bring up some issues you hadn’t considered. Best of all-most of the lists are free.
This is will be an on-going project so be sure to check back for updates.
One reason why students should complete the FAFSA even if they don’t think they’ll qualify for financial aid is because of the possibility of college work-study jobs. Work-study jobs require completion of the FAFSA and even if your EFC keeps you from receiving any federal grants, you could land a nice work-study job depending on which college you go to.